Financial Activities - Trump Media transferred 2,000 $BTC (approximately $174 million) to a new address [1] - The new address was tested a month prior and has been undergoing further testing [1] Potential Use - The transferred $BTC is most likely being used as collateral [1]

Market Overview - Global crypto markets are volatile and fragmented [1] Falcon Finance Positioning - Falcon Finance positions itself as a risk coordinator, managing collateral and market exposure [1] - The company aims to keep its synthetic dollar stable [1] Token System - Falcon Finance utilizes a dual-token system built around USDf and sUSDf [1] - The system is designed to deliver stability, capital efficiency, and institutional-grade yield [1]

DeFi Innovation - Starknet DeFi 正在迎来新的资本效率基元 [1] - Extended 通过 XVS 提供解决方案，XVS 是代币化的、产生收益的金库份额，可用作永续合约的抵押品 [1] Market Need - 永续 DEX 不仅需要更多的市场，还需要更好的抵押品 [1] Technology Solution - XVS 作为代币化的、产生收益的金库份额，为永续 DEX 提供更好的抵押品 [1] - XVS 的引入是 Starknet DeFi 的一项重大突破 [1]

DeFi Innovation - Extended introduces XVS (Extended Vault Shares), transforming vault deposits into yield-bearing collateral [1] - XVS enables users to earn over 15% APR while trading on Extended [2] - This represents a new capital-efficient primitive for Starknet DeFi [1] Product Development - Extended is delivering tokenized, yield-bearing vault shares (XVS) for use as perp collateral [1] - Extended aims to scale its platform [2] Market Need - Perp DEXs require not only more markets but also improved collateral options [1]

>> BUT THIS WEEK THE CFTC LAUNCHED A PILOT PROGRAM THAT ALLOWS BITCOIN, ETHER AND USDC TO BE USED AS COLLATERAL IN THE DERIVATIVES MARKET HERE IN THE U.S. JOINING US RIGHT NOW TO DISCUSS THE PROGRAM, THE FUTURE OF TOKENIZATION, CRYPTO, AND SO MUCH MORE IS CFTC ACTING CHAIRMAN CAROLINE PHAM. GOOD MORNING TO YOU. YOU KNOW, I THINK WE ALL LOOK AT THIS AND IT'S INTERESTING TO FOR CRYPTO NOW TO BCONSIDERED ACTUAL COLLATERAL.HOW DO YOU THINK ABOUT THAT. WHAT DO YOU THINK THE RISKS ARE WHAT YOU THINK THE BENEFITS ...

Crypto Services Adoption - JP Morgan is allowing clients to pledge Bitcoin and Ether as collateral for loans, initially limited to the firm's trading business [1] - Certain hedge fund managers and asset managers are demanding more crypto services from JP Morgan [2] - JP Morgan's trading business has accepted IBID, an ETF, as collateral, viewing it as less volatile than the underlying cryptocurrencies [2] Risk Management & Regulation - Bitcoin and Ether's volatility necessitates a "haircut" (increased collateral) to manage risk [5] - JP Morgan is exploring how much more collateral is needed to accommodate volatile securities like Bitcoin and Ether [6] - JP Morgan will explore crypto services if regulations allow [5] JP Morgan's Stance on Crypto - JP Morgan's CEO, Jamie Dimon, has moderated his tone on Bitcoin [3] - JP Morgan will offer crypto services if customers want to use them properly [3] - JP Morgan's increasing overlap in crypto includes a Coinbase partnership and the stable coin-like token JPMD [3] Industry Impact - The move by JP Morgan could influence other financial services and banks, including crypto banks [4] - If a client receives a service from one bank, they often request it from other counterparties [4]

Market Trend & Industry Dynamics - JPMorgan, a systemically important bank, is now accepting Bitcoin as collateral [1] - The global financial system is slowly recollateralizing itself around Bitcoin [1] Investment Opportunity & Potential Risk - Banks can collateralize Bitcoin, enabling fiat loans secured against scarce liquidity [1] - Bitcoin is suggested to belong at the base layer of global credit [1]

Crypto Adoption - JPMorgan will allow clients to use Bitcoin and crypto as collateral [1]

Cryptocurrency & Finance - JPMorgan Chase plans to permit institutional clients to use Bitcoin ($BTC) and Ethereum ($ETH) as collateral for loans by the end of the year [1] - Bloomberg reports on JPMorgan Chase's plans regarding cryptocurrency collateral [1]

Cryptocurrency Adoption - JPMorgan Chase & Co 将允许机构客户使用比特币和以太币作为抵押品 [1]